Weekly
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
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-“5 waves up from the 2011 low are counted which raises the risk of a sharp reversal lower from the trendline that extends off of the 2001 and 2007 highs. 106.80 (reached today) and 105.40 are reaction levels for bounces. 107.50-108.20 is resistance and the near term picture is bearish below 108.80.”
–USDJPY has traded into and responded to the December high at 105.43. Several days of consolidation may be in store before the decline resumes.
–Trading ideas are availabletoJ.S. Trade Desk members.